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AMENDED SECURITY AGREEMENT DEBTOR: Julesburg Irrigation District 315 Cedar Street Julesburg Colorado 80737 FEDERAL TAX NUMBER: 84-6000185 COUNTY: SEDGWICK (CODE: 39) SECURED PARTY: State of Colorado - Colorado Water Conservation Board 1313 Sherman Street, Room 721 Denver, CO 80203 COLLATERAL: Contract Rights (Code: 030) DEBTOR, for consideration, hereby grants to SECURED PARTY a security interest in the following property and any and all additions, accessions and substitutions thereto or therefor, hereinafter called the COLLATERAL: Revenues from taxes and assessments pledged to repay the amount loaned to Debtor by Secured Party, as described in the Pledge of Revenues Provisions contained in Loan Contract No. C153604, as amended (CONTRACT). To secure payment of the indebtedness evidenced by the Promissory Note dated March 1, 2001 between the parties, payable to the SECURED PARTY, the loan amount of $372,950.79 for a period of 30 years in accordance with said Promissory Note or until all principal, interest, and late charges, if any, are paid in full. The Parties agree to amend this security agreement to revise the principal loan amount, interest rate and repayment term. DEBTOR EXPRESSLY WARRANTS AND COVENANTS: 1. That except for the security interest granted hereby, DEBTOP. iS,or to the extent t~at this agreement states that the COLLATERAL is to be acquired after the date hereof, will be, the owner of the COLLATERAL free from any adverse lien, security" interest or encumbrances; and tk:.t DEBTOR will defend the COLLATERAL against all clahls and demands of all persons at anytime claiming the sarr,e or any interest therein. 2. That the execution and delivery of this agreement by DEBTOR will not violate any j::\w or agreement governing DEBTOR or to which DEBTOR is a party. 3. That, if DEBTOR is a corporation, its certificate and articles of incorporation and by-laws do not prohibit any term or condition of this agreement. 4. That by its acceptance of the loan money pursuant to the terms of the CONTRACT and by its representations herein, DEBTOR shall be estopped from asserting for any reason that it is not authorized to grant a security interest in the COLLATERAL pursuant to the terms of this agreement. 5. To pay all taxes and assessments of every nature which may be levied or assessed against the COLLATERAl. 6. To not permit or allow any adverse lien, security interest or encumbrance whatsoever upon the COLLATERAL and not to permit the same to be attached or replevined. 7. That the DEBTOR will not use the COLLATERAL in violation of any applicable statutes, regulations, ordinances, articles of incorporation or by-laws. UNTIL DEFAULT DEBTOR may have possession of the COLLATERAL, provided that DEBTOR keeps the COLLATERAL in an account separate from other revenues of DEBTOR and does not use Exhibit C to Contract C153604, Amendment No.2